Top reality developers may cut property rates about 15 percent to boost demand in the market. National Real Estate Development Council (NAREDCO) has asked all developers including DLF and Unitech to revise housing project rates to deal with fall in the market following global slowdown.

Last week, Union Finance Minister, P Chidambaram had asked reality majors to cut property rates to increase sale of property.

Chairman of Omaxe Developers and president of the National Real Estate Development Council (NAREDCO), Rohtash Goel said that all members have been asked to revise prices. There may be 5 per cent reduction on existing projects, 10 per cent on new projects and 15 per cent for the affordable housing section.

Meanwhile, all members of NAREDCO including Unitech, Emaar MGF Land, DLF, Ansal API, Omaxe and Assotech are reported to agree with decision of price reduction and may cut prices within a week. Customers who are paying installments of apartments are also entitled to avail discount following slash in prices.

NAREDCO has also suggested other measures such as margin cut, advertisement reduction and reduction in brokerage fees to offer maximum discount to customers.